Co-Diagnostics, Inc Expands Licensing Opportunities Internationally with Receipt of UK Patent for RapidProbe™ Technology

SALT LAKE CITY–(BUSINESS WIRE)–Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics
company with a unique, patented platform for the development of
molecular diagnostic tests, announced today that it has been awarded a
patent from the United Kingdom Intellectual Property Office related to
the Company’s RapidProbe™ probe design technology.

Mr. Dwight Egan, CEO of Co-Diagnostics, said, “Receiving patent
protection in the United Kingdom allows additional international
licensing opportunities of our intellectual property portfolio. Along
with the US patent for CoPrimers™ received earlier this year, we believe
that this patent validates the uniqueness and diversity of our
technology platform and creates more revenue prospects for
Co-Diagnostics.”

Dr. Rebecca Garcia, Co-Diagnostics VP of Product Development, commented,
“RapidProbe is a mathematically-engineered probe design for real-time
polymerase chain reaction (“PCR”) tests invented by Company founder Dr.
Brent Satterfield. Diagnostic tests with lower development and synthesis
costs that are capable of running on a wider array of PCR equipment have
always been an important product development goal of Co-Diagnostics.
This newly-patented technology uses a hairpin structure with a melting
temperature of 7-10°C above the reaction temperature, and additional
bases that are complementary to the middle of the probe resulting in a
more rapid rate of detection and increased probe accuracy while reducing
design complexity and expense.”

UK Patent no. GB2480792, “ENERGY TRANSFER HAIRPIN OLIGONUCLEOTIDE
PROBES,” was announced in the Patents Journal on 14 November 2018. The
patent is related to assays for nucleic acid detection in a specific way
to increase reaction kinetics, while maintaining a simple, proprietary
continuous sequence probe design, called a RapidProbe, and low-cost
synthesis. Detection of a target occurs in conjunction with nuclease
cleavage of the probe. Co-Diagnostics owns all the technology on which
RapidProbes are built. A patent application for the technology is also
pending with the US Patent and Trademark Office.

About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah
corporation, is a molecular diagnostics company that develops,
manufactures and markets a new, state-of-the-art diagnostics technology.
The Company’s technology is utilized for tests that are designed using
the detection and/or analysis of nucleic acid molecules (DNA or RNA).
The Company also uses its proprietary technology to design specific
tests to locate genetic markers for use in industries other than
infectious disease and license the use of those tests to specific
customers.

Forward-Looking Statements:
This press release contains
forward-looking statements. Forward-looking statements can be identified
by words such as “believes,” “expects,” “estimates,” “intends,” “may,”
“plans,” “will” and similar expressions, or the negative of these words.
Such forward-looking statements are based on facts and conditions as
they exist at the time such statements are made and predictions as to
future facts and conditions. Forward-looking statements in this
release include statements regarding the (i) use of funding proceeds,
(ii) expansion of product distribution, (iii) acceleration of
initiatives in liquid biopsy and SNP detection, (iv) use of the
Company’s liquid biopsy tests by laboratories, (v) capital resources and
runway needed to advance the Company’s products and markets, (vi)
increased sales in the near-term, (vii) flexibility in managing the
Company’s balance sheet, (viii) anticipation of business expansion, and
(ix) benefits in research and worldwide accessibility of the CoPrimer
technology and its cost-saving and scientific advantages.
Forward-looking statements are subject to inherent uncertainties, risks
and changes in circumstances. Actual results may differ
materially from those contemplated or anticipated by such
forward-looking statements. Readers of this press release are cautioned
not to place undue reliance on any forward-looking statements. The
Company does not undertake any obligation to update any forward-looking
statement relating to matters discussed in this press release, except as
may be required by applicable securities laws.

Contacts

Company Contact:
Andrew Benson
Co-Diagnostics Investor
Relations
801-438-1036
investors@codiagnostics.com

Investor
Contact:
Joe Diaz, Robert Blum and Joe Dorame
Lytham
Partners, LLC
602-889-9700